Fully-let retail parade in Richmond suburb handed £3.5m price tag
A fully-let retail parade in the London Borough of Richmond upon Thames has been placed on the market.
Cited Property – which has been appointed to market the asset – has been instructed to seek offers of £3,545,000, reflecting a net initial yield of 7.5%.
Located in the suburb of Teddington, 59-67 Broad Street comprises five ground-level retail units totalling an area of 12,189 sq ft.
The property is fully let to five national retailers – including Costa Coffee, Boots, Boots Opticians, Holland & Barrett, and Tapi Carpets – and generates a total contracted net operating income of £283,000 per annum.
The upper floors of the property – which do not form part of the sale – comprise former offices which are currently being redeveloped for residential use.
Located on Broad Street, the property occupies a prominent position in one of Teddington’s principal retail thoroughfares. Broad Street is home to a mixture of national and independent retailers, with nearby occupiers including Tesco Express, WHSmith, and Sainsbury’s Local. It is also located in close proximity to Teddington Station, which offers services to London Waterloo with an approximate journey time of 35 minutes.
Teddington is an affluent suburb which offers a village-like setting adjacent to the River Thames. It benefits from a vibrant high street, a range of independent stores, cafés, and restaurants, and its proximity to Bushy Park – the second-largest of London’s eight Royal Parks.
Cited Property’s Bradley Maher and Ben Wood have been instructed to find a suitable purchaser.